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Alibaba Group on Monday announced its first formal joint venture with mobile wallet company Paytm, to set up an online gaming company.
The latter would hold 55 per cent stake. The rest would be Alibaba’s Hong Kong-based private company, AGTech Media. Till now, Alibaba has invested in Paytm to the tune of a billion dollars.
Alibaba Group called it the ‘first significant strategic international expansion’. With an initial investment of $8.8 million (Rs 56 crore), Paytm has got into the online gaming and content business with AGTech Media. The Hong Kong-based company would be investing $7.2 mn. For the JV,
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